Author of the article:
TOKYO — Japan cut its gasoline subsidy for oil distributors to 20.3 yen ($0.16) a liter for the seven days from April 14, down from 20.7 yen a week earlier, the industry ministry said on Wednesday.
Japan implemented a temporary subsidy program in January to mitigate high fuel prices after tight global supplies increased crude prices. Russia’s invasion of Ukraine that began on Feb. 24 added to the price pressure.
The program was extended until the end of April from an earlier plan for it to end a month earlier, and the ceiling on the subsidy was raised to 25 yen a liter in March from 5 yen.
The government sets the subsidy amount every week if the retail price of gasoline exceeds a threshold of 170 yen.
Monday’s retail price was 174.0 yen, the ministry said, marking the first weekly drop in two weeks. ($1 = 126.0500 yen) (Reporting by Yuka Obayashi; editing by Barbara Lewis)
Advertisement 2
Financial Post Top Stories
Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300
